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@Avalon.red

Metro Bank in talks to acquire RateSetter

by LLB Reporter June 15, 2020

written by LLB Reporter 15^th Jun 20 1:25 pm

Metro Bank has confirmed that it has entered exclusive talks with peer-to-peer lender RateSetter regarding a potential acquisition.

The challenger bank did not confirm how much the deal would be worth, and there is no certainty a deal will be reached.

In a statement, Metro Bank said in a statement, “RateSetter is a UK focused peer-to-peer lender whose distribution platform could accelerate the Company’s stated strategy to grow its unsecured consumer lending book.

“There can be no certainty at this stage that a formal agreement will be reached, nor as to the terms of any agreement. A further announcement will be made if and when appropriate.”

RateSetter is one of the UK largest peer-to-peer lenders and was launched in 2010 and has more than 700,000 people investing in the company.

On Monday shares in Metro Bank dropped by 4.7% to 100p.